Consumers in Virginia wagered a total of $426.6m on sports during December, just short of the state’s monthly all-time high.
The December figure was just 0.2% behind the record $427.3m set in October 2021, though it was 6.0% higher than the $402.6m posted in November.
Adjusted gross revenue, however, declined 66.2% month-on-month to $10.1m, the lowest full-month total since the state’s market launched in January 2021.
Revenue in January of 2021 was $3.6m, though the market only went live on January 21, meaning consumers could only legally wager on sports for 10 days of that month, and initially only with FanDuel.
Player winnings for the month amounted to $395.1m, while the state was able to collect $1.7m in tax from sports betting.
Virginia has a 15% tax rate in place on each operator’s adjusted gross revenue. Of the total tax collected in December, 97.5%, or $1.69m, went to the General Fund Allocation, while the remaining 2.5%, or $43,228, was sent to the Problem Gambling Treatment and Support Fund Allocation.
Since launch, adjusted gross revenue from sports betting in Virginia amounted to $130.9m, with players spending $3.22bn in the process. Tax during this period also reached $20.3m.
Flutter Entertainment-owned FanDuel was the first operator to launch in Virginia, rolling out its sportsbook in the state via a partnership with the Washington Football Team on January 21 last year.
Crown Virginia Gaming, partnered with DraftKings, and BetMGM were awarded permits on January 24, while Portsmouth Gaming Holdings and Rivers Casino Portsmouth followed on January 26. Caesars Virginia (William Hill US) was also granted a permit on January 27, but did not launch until February.
Earlier this month, a bill that aims to remove the opportunity to deduct bonus spending from sports betting taxes in Virginia, effectively increasing the amount of tax that operators will pay, was introduced to the state House.
House Bill 1103 aims to prohibit sports betting operators in Virginia from disregarding promotions and bonuses from taxed revenue, after the first 12 months of betting activity has passed.